Neonode Awarded by Leading Commercial Vehicle OEM to Supply MultiSensing® Driver Monitoring System Software
STOCKHOLM, SWEDEN, December 6, 2023 — Neonode Inc. (NASDAQ: NEON) has been awarded by a leading commercial vehicle OEM to supply Driver Monitoring System (DMS) software to the OEM’s global range of commercial vehicles. Neonode will provide a bespoke solution based on its proprietary MultiSensing platform. Neonode will receive licensing revenues from 2025 when the first vehicles equipped with Neonode's solution reach the market. The program will also generate non-recurring engineering revenues for Neonode during the coming years.
"We are honored and proud to have been selected as a partner to this commercial vehicle OEM and look forward to cooperating with them in developing and launching safety-enhancing and value-adding driver and in-cabin monitoring systems for many years to come. This is a breakthrough win for Neonode and our MultiSensing technology for commercial vehicle applications, where reliability and quality standards are of utmost importance. We will build on this to expand our driver and in-cabin monitoring business in both the commercial vehicle segment and in the light vehicle and passenger car segment in the coming years," said Urban Forssell, CEO Neonode.
The global DMS market is already a multi-billion dollar market and is expected to grow significantly the next ten years driven by legislation and other initiatives to improve traffic safety. The DMS software market alone is expected to become a multi-hundred million dollar per year market and Neonode’s aim is to win a significant portion of this and establish itself as a leader in this segment.
Neonode’s MultiSensing platform supports controlled and efficient development of value-adding driver and in-cabin monitoring features that can be seamlessly deployed in new vehicles as well as in vehicles already in use. This advanced and scalable platform utilizes the power of machine learning and takes a holistic approach to the driver and in-cabin monitoring task and uses a large number of different sensor inputs and data when assessing the situation inside the vehicle, which makes Neonode’s solution uniquely flexible with superior performance and robustness.
For more information, please contact:
Chief Executive Officer
Urban Forssell
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59
Director Marketing
Alana Gordon
E-mail: alana.gordon@neonode.com
Phone: +46 73 682 60 10
About Neonode
Neonode Inc. (NASDAQ:NEON) is a publicly traded company, headquartered in Stockholm, Sweden and established in 2001. The company provides advanced optical sensing solutions for contactless touch, touch, gesture control, and in-cabin monitoring. Building on experience acquired during years of advanced R&D and technology licensing, Neonode’s technology is currently deployed in more than 75 million products and the company holds more than 120 patents worldwide. Neonode’s customer base includes some of the world’s best-known Fortune 500 companies in the consumer electronics, office equipment, medical, avionics, and automotive industries.
NEONODE and the NEONODE logo are trademarks of Neonode Inc. registered in the United States and other countries.
For further information please visit www.neonode.com
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements relating to expectations, future performance or future events. These statements are based on current assumptions, expectations and information available to Neonode management and involve a number of known and unknown risks, uncertainties and other factors that may cause Neonode's actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements.
These risks, uncertainties, and factors are discussed under "Risk Factors" and elsewhere in Neonode's public filings with the SEC from time to time, including Neonode's annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. You are advised to carefully consider these various risks, uncertainties and other factors. Although Neonode management believes that the forward-looking statements contained in this press release are reasonable, it can give no assurance that its expectations will be fulfilled. Forward-looking statements are made as of today's date, and Neonode undertakes no duty to update or revise them.
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